The first full week of October marked a turning point in market sentiment, with BTC breaking above $125,300 to a new all-time high, pushing its market cap to $2.5 trillion. The rally has been fuelled by $2.29 billion in spot BTC ETF inflows since the start of the month. With key macro data on hold amid the U.S. government shutdown, ETF flows have become the market’s primary signal, providing direction in an otherwise data-light landscape. It wasn’t just crypto seeing upside — Japan’s stock market and gold also hit new highs, buoyed by political shifts as Sanae Takaichi is poised to become Japan’s Prime Minister. Within crypto, altcoins are gaining traction, with the TOTAL3 index (ex-BTC/ETH) closing at a record weekly high, a clear signal that capital rotation is broad-based and structurally sound. BTC dominance staying below 60% further reinforces the bias toward altcoins outperformance. As real yields drift lower and the dollar weakens, the market is now pricing in an 85% chance of another Fed cut by December, up from 67% a week ago. If BTC dominance remains capped and key rotation levels like ETH/BTC ∼0.034 hold, market breadth is likely to stay intact. However, should ETF flows slow, the rally risks losing steam, with BTC potentially retesting support around $104,000. The Binance ecosystem remains in the spotlight, with BNB hitting a new all-time high of $1,220, up 4.5% on the week, boosted by renewed activity across core projects. PancakeSwap’s launch of CAKE.PAD, a new early token access platform, drove CAKE up 41% over the past week. Elsewhere, several tokens are entering price discovery, with MNT hitting a new all-time high at $2.20. Meanwhile, ZBCN — one of the most actively traded assets on Uphold — gained 14% to $0.0052, as capital rotation into small caps continues to accelerate. In memecoins, USELESS and SPX each gained 65% over the past week, reflecting a renewed risk appetite across the long tail of the market. As capital continues to rotate, ecosystem-driven names and early-stage momentum plays remain in focus.